CORPUS CHRISTI, Texas — The Bureau of Labor Statistics says car owners in the US are paying nearly 10 percent more for full coverage insurance policies than they were last year.
For Texans, however, it’s a matter of finding the good news in the bad.
According to MarketWatch Guides, when you look at the top 25 most populated cities in the state, Corpus Christi drivers pay the fifth lowest premiums, at just over $1,600 a year on average.
That is determined based on your age, your driving record, where you live and other factors.
"Credit Score is a big one," Sr. Automotive Writer & Researcher David Straughan said. "Texas still allows insurance companies to charge you differently based on your credit score. It’s a very substantial difference that having a good credit score versus having a poor credit score can make."
It seems that insurers are also facing more risk.
Higher used car prices mean a higher payout in the event of a total loss. In addition, accident rates are up in the US, and the cost of getting a car repaired has also risen.
“The actual amount that could be paid out has gone up so much with all these other costs going up, but it’s really like this multiplier effect,” Straughan said. “I’m not one to have sympathy for insurance companies, however, they are getting hit left and right.”
Those who are looking to save some money can often get a cheaper rate just by shopping around. Or talk to your agent about adjusting your deductible. Raising what you are willing to pay out of pocket for an accident can lower your yearly cost.
Be sure to ask about student, military or senior and good driving discounts.
You may also save on your premium by combining your auto and homeowners or renters’ insurance with the same company.